Economic times in the United States are as hard as citizens have experienced in decades leaving homeowners to consider an Indiana short sale to sell their home. While the stock market rises, home values continue to decline and, contrary to the belief of many, home sales remain stagnant. As many Indiana realtors will tell their sellers, it is a “buyer’s market” which makes Indiana short sales an attractive alternative to selling an upside down property.
Tammy Young in an Indiana Realtor well versed in Indiana short sale properties. She collaborates on these home listings with attorney, Jason Wischmeyer, and through their experience assist home owners to sell their property through the Indiana short sale programs offered by most banks. Choosing this option allows a homeowner to avoid foreclosure, avoid bankruptcy, avoid paying a mortgage that is valued higher than their home and this assistance is available with no out of pocket cost to the homeowner.
So, what exactly is an Indiana short sale for real estate? Indiana short sale transactions are where the bank agrees to allow a homeowner to sell property for less than the balance of the mortgage. The bank accepts the sale price of the property and pays the realtors involved, pays the attorney fees (if any), and pays the agreed closing costs. The homeowner walks away from the home free and clear of the mortgage and the property gets sold.
What do I need to qualify for an Indiana short sale of my home? Typically, the bank will first need to agree that the home’s value is less than the mortgage payoff. Depending on the circumstances, the bank also will want to know the financial condition of the homeowner to make certain that there is a justified hardship in the homeowner keeping the mortgage (i.e. can’t be a millionaire and decide just do not want the home anymore). Most homeowners in today’s economy will qualify for a short sale and between Tammy and Jason’s experience; we will package your situation so it is more likely that the bank will approve a short sale.
Can any Realtor assist me with an Indiana Short Sale? Many realtors will claim to be short sale “specialists” and this is not to say that another realtor cannot assist you with a short sale. Tammy Young has an advantage over many realtors in that she has been involved in successful short sale transactions during her career and has the advantage of being linked to an attorney that can assist with bank negotiations and the Indiana short sale process. There is no substitute for experience and having the qualified professionals ready to assist you and answer your questions throughout the process.
How long does the Indiana Short Sale process take? The short answer is it depends. First, the home must be listed. At this time, information will be collected and the bank notified of the homeowner’s desire to pursue a short sale so the process gets started. Then an offer for the purchase of the home must be made by an independent and unrelated buyer from the seller. From this point, it can take a bank up to 3-4 months before approving a short sale while, unfortunately, the buyer and seller hang in limbo. This process is sped up with experienced Indiana short sale realtors and attorneys because they know what documents to collect, what needs to be prepared and what the bank will want to see allowing them to collect most of the necessary information for the bank at the time of submitting the short sale request. Assuming the short sale is approved, then a Closing can usually occur within a few weeks after the buyer obtains the requested appraisals and verifies their mortgage loan funding (if getting a mortgage).
What are the benefits to the homeowner in proceeding with an Indiana short sale? The homeowner benefits by selling a home that he/she/they cannot and does not want to keep. The homeowner walks away from the mortgage based on the terms of the short sale agreement which often includes no payment from the homeowner. The homeowner avoids foreclosure and bankruptcy. Finally, some banks participate in a program where the homeowner can obtain relocation assistance in the form of a cash payment from the bank when an Indiana short sale is completed.
Contact Tammy Young at 317-538-5549 to discuss your home and whether an Indiana short sale makes sense for selling your home.